On Friday 5 February 2021, the crypto industry in Nigeria, local and international media, and members of the general public got wind of a circular by the Central Bank of Nigeria (CBN). The CBN circular is directed to all deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs) in Nigeria. In response to the public condemnation of the CBN circular, the CBN issued a press release 7 February 2021. As a fallout of the CBN’s cryptocurrency policy, the Securities and Exchange Commission (SEC) similarly issued a press release on 11 February 2020 clarifying that there is no inconsistency—however perceived—between the CBN circular and the SEC’s 11 September 2020 statement on classification and treatment of digital assets in Nigeria where the SEC classified cryptocurrencies as crypto assets that would be treated as commodities.

This is a press release by the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), the intercommunity working group in Nigeria’s emerging blockchain industry, in response to the developments above. This press release is adopted and supported by industry stakeholders who have identified with the mission and goals of BICCoN. 

BICCoN is constituted by the three major blockchain bodies/communities in Nigeria, namely the Blockchain Nigeria User Group (BNUG), Cryptography Development Initiative of Nigeria (CDIN), Stakeholders in Blockchain Technology Association of Nigeria (SiBAN); and independent stakeholders who may not yet be affiliated with any of the three blockchain bodies/communities.

This press release was issued on 13 February 2021. To read the full press release, please click here.

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